Multicoin Capital said Hyperliquid’s HYPE token has become one of the largest positions in its liquid fund after purchases that began earlier this year, while Hyperliquid outlined plans to broaden its decentralized trading platform beyond crypto-native markets.

According to the disclosed positioning, Multicoin has been accumulating HYPE since the start of the year and now treats it as a major liquid-fund holding. The announcement frames that exposure around Hyperliquid’s role as a decentralized perpetual futures venue and its plan to evolve into a broader integrated trading platform.

Hyperliquid’s expansion thesis includes non-crypto assets through HIP-3. The assets identified in the plan include crude oil, gold, silver, stock indices, and individual equities. The stated goal is to support trading in real-world-linked instruments on infrastructure that has so far been associated primarily with crypto derivatives.

The company also described HyperEVM as a base layer for financial applications that can tap into Hyperliquid’s pricing and liquidity. In the outline provided, that would create a link between exchange-side liquidity and outside applications built on top of the network.

The projections attached to the plan are ambitious. The announcement said trading volume could reach about $2.9 trillion in 2025, with revenue at roughly $873 million, users rising from about 301,000 to 923,000, and open interest reaching around $6 billion. It also said Hyperliquid could account for more than 59% of decentralized perpetual futures open interest. At the same time, the release noted that broader functionality would require further review of the platform’s trading structure and operational setup.

Why It Matters

The update is notable because it combines institutional conviction with a product-expansion narrative at a time when on-chain trading venues are trying to move beyond single-use crypto markets. If Hyperliquid can extend its model into real-world-linked assets while preserving liquidity and execution quality, it could push decentralized exchanges further into territory long dominated by centralized platforms and traditional broker infrastructure.

The announcement also highlights a wider industry shift: token value is increasingly being tied to whether a network can support multiple financial layers, not just trading activity in one segment. For Hyperliquid, that makes future growth less about simple perpetuals volume and more about whether its exchange, asset-listing framework, and application stack can function as one connected market structure.